I imagine it would be hard to tell WHAT happened - so would one start with the tank valve first, and then move to the isolation valve if that didn't stop the gas leak?
If you have a post failure, it's usually easy to tell which side it is from the noise. If it's the right post, shut that off, "breath down" that side and switch to your back up.
If it's the left post, just shut it off and purge the gas out of the reg coming from that side. Reg in your mouth should be coming from your (working) right post so no need to switch
In either instance (right or left post failure), the bubbling/sound should stop. If the bubbling continues (i.e. it's a manifold or tank neck failure, not a post failure), turn off the isolator. The bubbling will continue, btw.
You should have signalled your buddy by this point (I would signal immediately, at the same time as I'm dealing with the problem) and he/she should then make sure that you've shut off the correct post (and check whether isolator needed shutting off). Your buddy then can determine whether the problem(s) can be fixed.
Note: Some divers/training agencies advocate shutting down the isolator first before dealing with either post.
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